This is the first in a series of papers in which we study an efficient approximation scheme for solving the Hamilton-Jacobi-Bellman equation for multi-dimensional problems in stochastic control theory. The method is a combination of a WKB style asymptotic expansion of the value function, which...

Most biotech reach-through royalties involve only a license to "use." The focus of this article is on a rarer breed: sales of patented products, the use of which is also subject to a license which is enforceable through an infringement suit. Under the doctrine of patent exhaustion, such a...

Standard setting organizations (SSO) are ubiquitous in the technology business sector. Participation in an SSO usually requires discussion of patented or potentially patentable technology in order for members to settle on a manufacturing standard. Though SSOs theoretically exist to expand...

This is the first in a series of papers in which we study an efficient approximation scheme for solving the Hamilton-Jacobi-Bellman equation for multi-dimensional problems in stochastic control theory. The method is a combination of a WKB style asymptotic expansion of the value function, which...

We refine the analysis of hedging strategies for options under the SABR model. In particular, we provide a theoretical justification of the empirical observation that the modified delta (“Bartlett's delta”) introduced there provides a more accurate and robust hedging strategy than the...